Apec report highlights steady growth in region

NATIONS in the Asia-Pacific region including Papua New Guinea are expected to grow at a moderate pace in the next two years, according to a report. Dr Denis Hew, the director of the Apec Policy Support Unit, which produced the report said there was so much potential in the region. The growth comes amid heightened uncertainty in trade and other policies, higher inflation, exchange rate pressures, and episodes of financial market volatilities. “There is much potential for growth in the Asia-Pacific region that could come from continued pick-up in global economic activity,” he said. “This growth should translate into sustained strength in domestic consumption. “To ensure that growth is balanced, sustainable and inclusive, Apec needs to boost reliable sources of growth, such as the services sector, and encourage more private investment. “We also have to harness future drivers of growth like the digital economy and green technology, as well as implement productivity enhancing reforms.” The report helps to set the tone for the concluding Senior Officials Meeting and the Apec Ministers’ Meeting held this week in Port Moresby, and the Apec Leaders’ Summit on Sunday. The high-level discussions are some of the last and most important meetings of Apec 2018 under Papua New Guinea’s hosting, which focuses on harnessing new technologies to make economies more inclusive.